WhatsApp introduces money transfer in new update

WhatsApp will soon allow you to transfer money instantly via the UPI ( Unified Payments Interface) which is currently it’s available for limited users.

WhatsApp owned by Facebook, is adding new features to make it the best messenger client in the market. Previously, they added Story feature which was taken from Snapchat. Now with this new payment feature, the messaging app has initiated competition with WeChat & Hike, as both of these support UPI transaction.

WhatsApp new payment feature has been confirmed by Whatsapp blog WABetaInfo on Wednesday. The payment works on instant bank to bank transfer by the use of UPI system.

This new feature is coming in WhatsApp version 2.17.295 which is available only for selected users, as this beta update is still under testing mode and under development currently.

This feature has been named as WhatsApp payments and can be located under the settings tab.

In order to access WhatsApp payments module, you are required to accept the WhatsApp Payments & Bank Terms and Privacy Policy. All the transactions will be carried on the basis of your phone number. WhatsApp will not take any commission on these transactions, but in future they might be added. It will be interesting to see how Paytm counter this move from WhatsApp. As WhatsApp is more popular among Indian users than Paytm and is installed mostly in every phone user from Indian household.

NPCI Managing Director and CEO A.P Hota has stated that Transactions from UPI has been increased exponentially due to acceptance and support it received from Indian banks, merchants & consumers.